to customers as targeted by transferring more than half of the total units in the project. With the success of the development of real estate for sale in the past year, the Company could make a net

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction

., Ltd. 9,285,000 5.10% 4 Mr. Nakorn Kornhiran 4,742,500 2.61% 5 Nakorn Real Estate Co., Ltd. 4,642,500 2.55% 6 Others 39,370,629 21.65% Total 181,890,622 100.00% 14 Financial highlights: Management

: M.K. REAL ESTATE DEVELOPMENT PUBLIC COMPANY LIMITED ML: MIDA LEASING PUBLIC CO., LTD. MODERN: MODERNFORM GROUP PUBLIC COMPANY LIMITED MONO: MONO NEXT PUBLIC COMPANY LIMITED MOONG: MOONG PATTANA

condominium units in the statement of comprehensive income when the real estate project has been completed and transferred to the customers. MahaNakhon Project: The Company sold 51 residences of the Ritz

Utilities and services Housing Real estate and construction Agriculture and mining Others Million Baht Loans by Business Type * March 2018 December 2017 March 2017 Change (%) December 2017 March 2017

-Value (LTV) ratio for mortgage loans which led to a decline in bank lending to the real estate sector. The Bank of Thailand also implemented policies to encourage commercial banks to focus on sustainable

, an increase of 5.2% YoY. 3Q17 Major Events The conversion of CPN Retail Growth Leasehold Property Fund (“CPNRF”) into a new Real Estate Investment Trust (REIT) On 28 August 2017, the Unitholders

of last year’s disposal of subsidiaries owning land plots at Bangkrachao; (xi) a decrease in real estate projects under development of THB 620mn. 35,710 46,886 4,352 7,475 40,062 54,361 31 Dec 17 30

, increased by Bt26.9 million or 22.1%(y-o-y). Such the increment were raised from increasing in the personnel expenses, the consulting and legal fee, the real estate taxes and the depreciation and amortization